GE 2013 Annual Report Download - page 76

74 GE 2013 ANNUAL REPORT
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Statement of Cash Flows
General Electric Company
and consolidated affiliates
For the years ended December 31 (In millions) 2013 2012 2011
CASH FLOWS—OPERATING ACTIVITIES
Net earnings $ 13,355 $ 13,864 $ 14,443
Less net earnings attributable to noncontrolling interests 298 223 292
Net earnings attributable to the Company 13,057 13,641 14,151
(Earnings) loss from discontinued operations 2,120 983 (29)
Adjustments to reconcile net earnings attributable to the Company
to cash provided from operating activities
Depreciation and amortization of property, plant and equipment 9,762 9,192 8,986
Earnings from continuing operations retained by GECC (b) — — —
Deferred income taxes (3,295) (1,152) (204)
Decrease (increase) in GE current receivables (485) (879) (670)
Decrease (increase) in inventories (1,368) (1,274) (1,168)
Increase (decrease) in accounts payable 360 (437) 1,204
Increase (decrease) in GE progress collections 1,893 (920) (1,146)
Provision for losses on GECC financing receivables 4,818 3,832 3,930
All other operating activities 2,175 8,029 7,057
Cash from (used for) operating activities—continuing operations 29,037 31,015 32,111
Cash from (used for) operating activities—discontinued operations (458) 316 1,248
CASH FROM (USED FOR) OPERATING ACTIVITIES 28,579 31,331 33,359
CASH FLOWS—INVESTING ACTIVITIES
Additions to property, plant and equipment (13,458) (15,119) (12,637)
Dispositions of property, plant and equipment 5,883 6,184 5,867
Net decrease (increase) in GECC financing receivables 2,715 6,979 14,785
Proceeds from sales of discontinued operations 528 227 8,950
Proceeds from principal business dispositions 3,324 3,618 8,877
Proceeds from sale of equity interest in NBCU LLC 16,699 — —
Net cash from (payments for) principal businesses purchased (1,642) (1,456) (11,202)
All other investing activities 14,625 11,157 6,527
Cash from (used for) investing activities—continuing operations 28,674 11,590 21,167
Cash from (used for) investing activities—discontinued operations 443 (288) (1,285)
CASH FROM (USED FOR) INVESTING ACTIVITIES 29,117 11,302 19,882
CASH FLOWS—FINANCING ACTIVITIES
Net increase (decrease) in borrowings (maturities of 90 days or less) (14,230) (2,231) 5,951
Net increase (decrease) in bank deposits 2,197 2,450 6,652
Newly issued debt (maturities longer than 90 days) 45,392 63,019 43,847
Repayments and other reductions (maturities longer than 90 days) (61,461) (103,942) (85,706)
Proceeds from issuance of GECC preferred stock 990 3,960 —
Repayment of preferred stock — — (3,300)
Net dispositions (purchases) of GE shares for treasury (9,278) (4,164) (1,456)
Dividends paid to shareowners (7,821) (7,189) (6,458)
Purchases of subsidiary shares from noncontrolling interests — — (4,578)
All other financing activities (1,418) (2,958) (1,867)
Cash from (used for) financing activities—continuing operations (45,629) (51,055) (46,915)
Cash from (used for) financing activities—discontinued operations 56 (19) 52
CASH FROM (USED FOR) FINANCING ACTIVITIES (45,573) (51,074) (46,863)
Effect of exchange rate changes on cash and equivalents (795) 1,278 (841)
Increase (decrease) in cash and equivalents 11,328 (7,163) 5,537
Cash and equivalents at beginning of year 77,459 84,622 79,085
Cash and equivalents at end of year 88,787 77,459 84,622
Less cash and equivalents of discontinued operations at end of year 232 191 182
Cash and equivalents of continuing operations at end of year $ 88,555 $ 77,268 $ 84,440
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid during the year for interest $ (8,690) $ (12,717) $ (15,571)
Cash recovered (paid) during the year for income taxes (2,487) (3,237) (2,919)
See accompanying notes.